Singtel recently announced a stake in Thailand’s telco, Intouch Holdings, which has jumped from 21.21% to 24.99%, following its acquisition of 121 million shares from Temasek’s Anderton Investments for S$330 million.
Industry sources assessed and stated that even before Singtel’s surge in stake, it had already been one of Intouch’s two largest shareholders alongside Gulf Energy.
Singtel Group CEO Yuen Kuan Moon stated: “Our increased investment deepens our partnership with Intouch’s largest shareholder Gulf Energy, and is part of our strategy of actively recycling capital to invest for growth and shareholder returns.”
Further, Singtel CEO added: “This initiative to increase its stake also demonstrates the company’s confidence in the potential of Advanced Info Services (AIS) “to build on its position as the mobile operator of choice and become the leader in digital and enterprise services.”
Industry sources confirmed that Advanced Info Services (AIS) is Thailand’s largest mobile operator and is a subsidiary of Intouch.
Meanwhile, Singtel further adds that it is also collaborating with AIS and Gulf Energy to build and develop data centers in Thailand.